2014 was my best year in terms of learning business lessons. Since 2010, I am running an Online Marketing and SEO firms and faced lots of small and big problems. Each problem helped me to be little more experienced and making me a mature Entrepreneur. Today I am going to share few important lessons I learnt in 2014, and I am very sure these information will help you to run your business successfully.
Finance Management Plays the Most Important Role of Your Business Success
“Whatever you are doing”, “how many clients you are handling”, and “the sorts of facilities you have” are very important. But beyond all of these questions the most important question is, “does your company have a strong Finance management system”? Do you count each your investment and calculate its return. In term of your business your each investment should have a clear goal and you need to measure if this investment giving you any positive return. You should ponder if there is any way to reduce the cost; if available you can try that, if not available try to increase the return from same investment.
Partnership businesses face this problem less than sole proprietorship, because in sale proprietorship business the founder has less option to discuss. And also he doesn’t get enough chance to monitor everything closely for having various pressures on various fields. But things can be flexible when business grows.
Don’t Invest Your Whole Return
Another mistakes most of the entrepreneurs do is investing frequently. I am one of them and a big loser of it. I did invested lots of money on several small projects and most of them are just useless. For example, guess I am running an amazon affiliate site which costs $500 to setup and rank. Now guess I am earning $200 from the site per month. What would be my next step after getting some returns? Most of us will invest this return instantly to create another site, so it can double our earning. But reality is that all of our project will not work same. At the initial stage we will do lots of mistakes, so the more investment we will do, the more costly it will be. The best option would be to keep the return for some time. Raise some fund, and then reinvest a portion of the money you earned. By this way you will have more financial background during launching new project and have more experience which will give you extra confidence. If the project doesn’t work you will still have a portion left to restart and it will not cost you too bad.
Be a Strict Leader in term of Management, Be Flexible in Term of Finance
If you are doing a job the first thing you will calculate what is the salary you will get? People don’t love strictness, but they can still compromise strictness if the Salary is good. People don’t stay with you if you are very flexible and friendly in your management but you pay less or irregularly. Paying more doesn’t mean to pay them more than they deserve or you can’t afford. But keep this in your mind. You can only pay them more when the business will earn more. And the business can only earn more when you and your team members are doing their best and developing their skills and executing it. So work on it, do brainstorming to your team members. Make them feel that this is their company not only yours and believe it yourself too.
Read Also: What I Did and Learnt in 2013
Creating Yearly Goal and Planning is Important
It is always easy and safe if you know where you want to go and when? For example if you know what you will do tomorrow then it will help you to prepare your day accordingly. You can keep your mobile charged; prepare your dresses at night and many more. Same thing happens with business and career. If you can create a yearly goal then it can boost up the chance of reaching goal. As a business owner I need to explain my goal with my team members so they can also prepare themselves and together we can reach it.
There are lots more things to say, but these are the four important things I learned early of this year, after working on these I get my business lots better in the 2nd part of the year. Hope these lessons will help you the same way it helped me. What did you learn in 2014? Please share it in comment so I and my readers can learn from you.